This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: How’s the Arlington market doing halfway through the year?
Answer: The Arlington real estate market is very stable right now.
First half of 2016 vs first half of 2015:
Stable speed of sale: Average of 50 days on market this year vs 49 days last year
Stable sold price: Median/Average sold price of $558,000/$638,166 this year vs. $556,750/$639,546 last year. That’s a change of just .22% and -.22%.
No change to discounts: Buyers are netting an average of 2.2% discount off of the original list price, same as the first half of last year
Only nine more total sales: There were 1,412 closed sales in the first half of 2015. This year? 1,421.
Total sold value: Arlington has seen $906,833,434 in closed sales through June, only about $3.8M more than last year
Other interesting stats (first half of 2016):
An impressive 12.7% of sales were over $1,000,000
13.2% of homes were cash purchases and FHA loans continued to be an uncommon choice, representing only 3.7% of sales
34.2% of homes went under contract within 1-10 days of being listed and 6.2% were under contract the same day they were listed (a sign of pre-market sales). Only 19% of homes lasted more than three months on the market.
Compared to our neighbors (first half of 2016):
DC saw average days on market of 39 days and an 8.43% jump in total value of sold homes due to a 6.89% growth in total units sold, largely due to new housing units hitting the market.
Fairfax County saw sales slow by 3 days to 53 days on market, but saw an increase in units sold of 5.96%, with a slight increase in median and average sold price.
Montgomery County maintained a pace of 57 days on market and, like our other neighbors, saw a pop of 9.47% in number of units sold, with an increased median sold price of 1.25%, leading to a total increase of 11.46% in total value of units sold.
While there are some areas with localized development plans like Rosslyn, Ballston, Columbia Pike, and Crystal/Pentagon City that offer a potential boost to the neighborhood real estate values, I expect the county to remain stable in the coming years. Concerned about a housing bubble? I’ll defer to the greatest investor of all time, Warren Buffett, who recently said at his 2016 Berkshire Hathaway annual meeting that he doesn’t “see a nationwide bubble in real estate right now at all.” He also noted that now is still a great time to buy a home, but not as good as it was four years ago.
Readers: I’m hoping for some more questions! Please let me know if there’s anything you’d like me to address in a future column.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
A man armed with a hammer smashed and stole from a jewelry store in the Pentagon City mall Thursday morning. Arlington County police say they were dispatched to the 1100…
The Arlington Firefly Festival is returning to Fort C.F. Smith Park next month. On Sunday, June 19, the festival celebrating insects that light up summer nights is back for the…
This week’s Arts Focus asks for your inspiration and input for a flexible outdoor arts and gathering space planned for 2700 South Nelson Street in Green Valley.
Expect extra police patrols around Arlington schools today in the wake of yesterday’s deadly elementary school shooting in Texas. “ACPD officers are conducting extra patrols near Arlington schools,” Arlington County…